Packaged bank accounts or a current account provides people with an extensive list of benefits. A packaged bank account usually consists of the following benefits and services:
- Extended warranty
- Travel insurance
- Loyalty rewards
- Mobile phone insurance
- Overdraft with low rates
- Breakdown cover
- Gadget insurance
- Fraud protection
How Packaged Bank Accounts (PBAs) Work
Banks charge account holders a monthly fee ranging from £8 to £25 and even though it does not sound that bad, in reality, packaged bank accounts are useless. Account holders uncover this fact once the bank sells them the benefits of PBAs.
Later, banks tell them they are ineligible to obtain the benefits mentioned under PBAs or the account holders discover that they do not really need or want those benefits. Still, people find themselves signing up for PBAs, only to regret their decision later on.
Did you know over 10 million residents in the United Kingdom hold a packaged bank account?
People are taking their claims of miss-selling up with the Financial Ombudsman. They have discovered fault with 70% of those accounts.
How Banks Force PBA Down People’s Throats
When customers visited the bank, asking for a loan, mortgage, or credit card, the employees told them that in order to receive a loan; they would need to obtain a packaged bank account. Otherwise, they would not be qualified for a loan. Others were told they could not obtain an overdraft if they do not sign up for a packaged bank account.
What Banks Do Not Tell You
Banks needs to disclose all the details of the PBA and you need to ask them questions pertaining to it. They will tell you about the benefits regardless if you are eligible for them or not, as their task is to sell you the package to you to meet their sales target. This resulted in some salesperson not telling the customer about the monthly fee they will have to pay to obtain the benefits they are telling them about.
Another example of banks sold the PBA was telling the customers about the benefits of having phone insurance, but leaving out the details on how the insurance is not applicable to iPhone users. Some have even gone to tell the customer on how a PBA improves their credit rating, but that is false information.
Has This Happened with You?
If a bank told you that there was no other way for you to obtain the finances you seek unless you open a PBA, they miss-sold you the package. Banks cannot compel people to take out a packaged bank account and they cannot refuse to give you financial support based on your refusal to obtain one.
What Should You Do?
You can make a miss-sold packaged bank account claim against your bank. If your claim proves successful, your bank will downgrade your account back to a basic account. You will not have to pay a monthly fee anymore and will lose all the benefits. However, if you are using the benefits, reconsider making a claim.
If you’ve already tried to raise money from banks and other credit housed and you were rejected because of bad credit rating and the conditions which you simply did not fulfill, then with the help of these sites, you will not have to worry about cash anymore. Their requirements are minimal, and the application form is fast and discreet! Your credit history and current type of employment will not affect the payment of the payday loan in cash. They are able to offer quick payday loans with no credit standing, which means you do not have to fear because their requirements are minimal.
You can be sure that the application for payment of payday loans in cash is completely free and simple. You do not have to meet a ton of paperwork, fax us your information, make the certification from the employer and public notaries since the registration and payment of the loan in cash goes online, which allows them to react quickly and pay off the money to your checking account as soon as possible.
Payment of loans in cash immediately after registration
Usually, they are able to pay off the loan in cash from 15 minutes to several hours from when you have submitted your request, provided that you fulfill all the conditions listed in the application form and provide them with the accurate information they need to process the request. Payment of payday loans in cash shall be made directly to your checking account that can be reviewed at any bank. The money is transferred electronically, which means that all their transactions are secure and reliable.
Reduce your stress as you the payday loan in cash will be a huge financial aid
We all know how stressful time can be when the money is urgent, especially with the extra hassle, constant walking from bank to bank, warning creditors and other costs that can create problems at any time, even when you least expect it. That’s why these sites have prepared a payday loan service payments in cash with the amount up to $900 for you that will surely help you solve your problems and reduce stress. Cash will solve your problems now, without delay payment of debts and expansion by months which will speed up your financial stability and help you recover your financial situation as soon as possible.
Here, the payment of the payday loan in cash is discreet and safe
They work professionally, and all your data is kept confidential. With them, you will not have an unpleasant feeling as you can have when asking your family or friends for financial help. They are part of Ferratum Group which is a leading provider of mobile financial services in the EU and the world. Once you take a loan through their site, other times you can do it even easier and faster because they provide you with the service sms payday loans to be able to ask for the money by simply sending an SMS.
Credit cards are plastic tokens that have magnetic stripe and they are an alternative payment system, and can be used instead of checks and cash. They are essential part of electronic commerce. But don’t get fooled they carry their own share of negative things. But due to their applicability those negative aspects are forgot (and there are many positive aspects of credit cards).
First of all credit cards are convenient method of payment because you don’t have to search for ATMs and you don’t have to carry large amount of cash in your wallet. And those credit cards have record keeping which will help you see where your money is going, and it can help you cut on expenses that are unnecessary but you have failed to notice how much money is going into them.
If there is a way to save some money by buying something from a sale and you have no cash available, using revolving credit (revolving credit represents a loan on a credit card, meaning that you can go in red on your card and repay that once you transfer money on that card) on your card will be your way out.
If you shop with credit card you will be protected from disputes with merchants who are unwilling to take back defective product. When that happens you just need to check with you bank and they will sort it out. Credit card companies are always promoting their product and they are willing to give you a wide array of discounts in different stores in order to keep cash flow on their cards. If you need to buy something checking for those discounts can save you a lot of money.
Think twice after this
Revolving credit is double-edged sword. It will allow you to spend beyond your financial situation at the moment, but using that too much will make you lose money in long run. Once you go in red you will have to repay that as well as interest that is attached to it.
You will have to do a lot of paperwork. Saving receipts and checking them against credit card statement to ensure that you were not overcharged will be a strenuous work, but you will have to do it only once a month.
Your fees will skyrocket if your balance is in red and you fail to repay it in time. And there are fees for any cash advance you perform. There is usual 2 to 4 percent fee, but some unexpected fees can occur. To inform yourself of all those fees the best thing would be to go to the website of your bank and do some research in that.
Many people end up with large debt on their credit card. This happens due to high limit those credit cards have and people don’t check that. Large debt carries larger interest rate and before you know it you will be in debt you are unable to pay-off.
As you can see credit cards have their negative sides, but if you take in consideration all pros and cons that credit cards have, they are valuable part of our life.
T his is centrally really important matter to discuss regarding a payday loan, because if you don’t pay it on an arranged time, you will be faced with serious consequences. Here are some scenarios of what could happen.
First thing you must do is to learn your consequences. If by some chance you aren’t able to repay payday loan on time and you don’t find other solution with your lender, your credit score will be damaged. When a client doesn’t repay payday loan on arranged time, the debt is usually sold to a collector agency and they will use some really aggressive solutions in order to collect the loan. They will be calling you at home, work including your family and friend. Since your credit history will be damaged, it will be hard for you to get a loan on some other place. Even after you return the loan, your credit history will have this black spot for seven years.
You may be sued on civil court, so you should always stay on alert. If don’t repay on time payday loan, the lender has the right to sue you on civil court in order to obtain the amount you got. Once the court rules in lenders favor, he may be able to repay the loan through any property you have, which in this case he has the right to sell it, he will set the balance of the debt through any property you have at the time of the loan, or property that was at your disposal later, in boat cases you have to own property.
Some states give the right to a lender to collect the debt through any property you acquire within ten years. Some of the lenders will threat you with jail and criminal actions, but in this case you can’t be sent to jail, unless you took the loan with intention of now planning to repay it. But if in some case you have this kind of threat from lenders company, you should contact your lawyer at once.
Lender can raise fees
Extra fees and interests are to be expected. The longer you prolong the time of repayment the more you will be in debt with lender’s company. They are known to charge really high interest rates and fees for debts. Some states have regulated rules of how much the lenders fees can be high, but unfortunately some doesn’t, they are given the right to lenders company to charge fees as much as they like, example for that is Texas.
But there are means to prevent these situations, which can become extremely dangerous for your budget. You can qualify for extended payment plan. If your payday loan hasn’t come to a charge yet, you may still have the time to repay it. Here is what you must do. The lender company from whom you have borrowed the loan must be a member of “Costumer Service Association of America”. The extended pay of payment must be applied at the pace where you got the money, and before the expiration date of the loan.
You have to be able to repay this loan as soon as possible. This should be your top priority, it will certainly take some financial adjustments, but if you have enough will you will not come into above mentioned situations.
Being a wealth manager can be challenging and tough, especially if one wants to make more money either over a certain period of time or as quickly as possible. All wealth managers work hard and their professional advises should not be taken lightly – they are a people who are highly skilled in their field and their advises are always helpful for their clients.
Many times wealth management is called being a profession where clients pay for their value rather than value the professional brings. Over the years it can be seen that the people are getting more wealth either by inheriting the same or by making their own through a successful business or many other types of making big money. Because of this, job or a profession or a career choice (whatever you want to call it) wealth management is always on the point for their clients.
Many times because of this peak in clients’ wealth the wealth managers tend to focus only on the wealthy clients. Wealthy clients know to not be shy when it comes to paying their wealth managers and this is where wealth managers tend to become greedy when it comes to their job.
One would think this is a classical Marxist sort of approach because the wealthier clients tend to pay more than the other not so rich clients. The richer they are, the more they pay and the more they pay, the more interesting wealth managers will be about wealthier clients. It is not fault in the clients when the clients don’t have more money, what is and should be criticized are the wealth managers who let their greed get in their way of their professional work.
They show this way that they can be unprofessional, to be honest, because a client is a client no matter what background he or she has. When it comes to wealth management, everyone should be treated fairly and not selecting one because one is wealthier than the other. This way we are creating an uneven and unequal system and many banks don’t allow this to their wealth managers.
Small Businesses – Wealth Manager
There are also many small businesses that are in the need for wealth management and need wealth managers who can help them in various ways. This is where wealth managers see through the success of the certain company and then choose if they want to help out their clients or not. Basically meaning – if your firm or company is not successful enough, where is my pay at the end of the day? Although however they can think about this because their hard work is expected by the end of the day, they should be well paid.
But they should not overcompensate on the successes of the larger companies because many times there were the small companies that reached better financial success than the bigger ones with the help of patient wealth managers who helped them out. What should be considered is not the present success of the company or firm, but the future success as well. This is why wealth managers should be equal to all and they should not choose over who gets the bigger and wealthier clientele.
I f you have taken payday loan and the time of repayment is approaching fast and you are unable to meet the terms of the payment, the most important thing is not to panic. Every well-established company will help you resolve this problem, only If you inform them on time. There is certain procedure in place that will help you and every other client who is unable to repay payday loan on time.
Below are few easy steps we find handy and that will help you resolve your problems.
First thing you must do, if you are unable to return payday loan within arranged time, is to work on your financial situation and decide when you will be in possibility to repay it. Useful solution is to take pen and paper and write down all your income and expenses, you will have clearer picture of your financial situation and you will have a precise date when you will be able to return your payday loan.
Once you have worked out through your budget and you have on paper certain amount of money that you will able to spare, it’s time to contact the landing company. You can do this by phone, or by email. It’s always best solution to contact them through phone, even though you may feel uncomfortable, it will be easier to explain them your situation and why you can’t repay money on time.
They will offer you a repayment plan and this plan should be based on how much money you have been able to spare. Once you contact payday loan company, they will set up this plan immediately and you will feel much better. If you decide to use an email, you will sit beside computer worrying and checking you inbox all the time. And this will bring you even more stress. You should always use phone, they will not be mad at you, because it’s on your both interest that you pay back that loan.
When you finish this procedure about repayment plan, make your lender to put everything on writing, they will usually send you details regarding repayment plan and they will update your account based on that plan. Once you log in on your online account, you will notice the repayment plan listed on your schedule. Some companies may charge you additional fees for this type of service, but most of them no longer charge for such fees, even when your repayment is spread through several weeks, you won’t get any additional interest to pay.
Obey your repayment plan
At the end, it’s highly important that you obey your repayment plan and only offer money that you are in possibility to return. For example: if you have taken a 100$ and after fourteen days you must repay 135$, discuss with your payday lender to return 13,5$ per week, if that the amount you can afford.
You will feel much relaxed if you set up this plan and you won’t be under pressure, constantly thinking about this unpleasant matter. You should never ask for another loan, because you will get into greater debts and it will be hard to find a way out.
The way we can’t decide whether coffee is a better option or a tea, we cannot tell whether cash advance is more convenient or a payday loan. Like coffee and tea, it depends on our need, our situation and of course on availability. But first, let’s understand the difference between the two:
Payday loan is a small amount of cash that is lent at high interest rates to the borrowers for a short period of time–probably 2 to 8 weeks–or until their next payday. There are certain requirements that needs o be fulfilled in order to avail the loan.
A service provided by banks or credit card issuers that allow the cardholders to withdraw a specific amount of cash. This amount can be withdrawn either from a bank or an Automated Teller Machine. The cardholder will then have to pay this cash advance back with high interest rates.
Pros and Cons:
Even though payday loans are quick to be approved, they still are slower than credit cards. The whole process of getting money from credit card takes just few minutes, whereas payday loans might take few hours. Not to mention all the hassle with the documents and application that has to be done. In few rare cases, payday loans also get rejected. Leaving the borrower stranded in emergency situations.
Payday loans are always for a short period of time and they can be paid and done with, within a month. Whereas cash advances have this unfortunate habit of dragging for a long time. The more you drag it the higher interest rate you’ll have to pay.
When you have a gold mine in your hand, it would he difficult not to use it; even if that gold mine is not yours to start with. The same is the case with cash advance. You see a beautiful Dior dress in a shop, you don’t have money but you do have a credit card in your purse, the temptation is just too much to resist and consequences be forgotten, you use it. That Dior dress will end up costing a lot more than it’s worth. However payday loans save the borrowers from this temptation as they are only there when you apply for it rather than being in your hand at all times.
- Online scams:
Online scam might have become a part of almost all services; however they seem to happen a lot more for payday loans. Everything is online now, so when people walk into online payday stores they usually get scammed; scammed into giving their personal information and then getting threatened for paying off loans. Cash advances also have online scams but they are few and far in between.
- Non-emergency Situation:
A disadvantage of both of these loans is how frequently people use it for non-emergency situations even though they exist for just that.
- Unexpected expense:
An advantage of both of these services is their flexibility and conveniences at times of emergency situations. When people have no source of money, payday loans and cash advances could look like an angel. You can read quality payday loans info online, just try to Google it.
Wise thinking and smart borrowing could make payday loans and cash advances one of the best creations on earth but when used unwisely with no reservations then these loans would feel like a bane of life that has no desire of leaving the borrower at peace.